Core Viewpoint - The article discusses the evolving landscape of stablecoin regulation and its implications for the market, highlighting recent legislative developments in the US and Hong Kong, as well as the EU's regulatory framework [5][6]. Group 1: Regulatory Developments - The US Senate passed the "Guidance and Establishment of a National Innovation Act for Stablecoins" on May 19, 2025, which was officially approved on June 17, 2025 [5]. - Hong Kong's Legislative Council approved the "Stablecoin Ordinance Draft" on May 21, 2025, establishing a licensing system for fiat-backed stablecoin issuers, set to be implemented on August 1, 2025 [6]. - The EU enacted the "Crypto Asset Market Regulation Act" in 2023, contributing to the global regulatory framework for stablecoins [6]. Group 2: Market Implications - The article emphasizes the growing attention on the development prospects and impacts of stablecoins as regulatory frameworks are established [6]. - A series of articles from Tsinghua Financial Review will explore various aspects of stablecoins, including their technological characteristics, functional types, regulatory models, market trends, and their effects on the international monetary system and financial markets [6].

Core Viewpoint - The application scenarios of stablecoins are continuously expanding, with the future scale expected to reach $3.5 trillion [1][2]. Group 1: Application Scenarios - Stablecoins have evolved from their inception in 2014 with USDT, initially focusing on cryptocurrency trading, to various applications including cross-border trade settlements and decentralized finance (DeFi) [1]. - Four main scenarios for stablecoin application have emerged: 1) Cryptocurrency trading, supporting transactions of BTC, ETH, RWA assets, and NFTs [1]. 2) Cross-border payments, enabling point-to-point instant transfers without intermediaries [1]. 3) Consumer payments, integrating stablecoins into the internet finance system for lower-cost and faster transactions [1]. 4) Traditional capital markets, allowing tokenization of assets like foreign exchange and securities, enhancing asset usability and transferability [1]. Group 2: Future Scale Estimation - The future scale of stablecoins is projected to reach $3.5 trillion through four key scenarios: 1) In the cryptocurrency sector, with a neutral market growth of 10%, stablecoins are expected to reach $363.3 billion by 2030, maintaining an 8.22% market share [2]. 2) In cross-border payments, assuming a 20% market share, the demand is estimated at $2.9 trillion [2]. 3) For daily consumer payments, a 10% market share translates to $121.6 billion [2]. 4) In traditional capital markets, under a neutral scenario, stablecoin demand is projected to be $133.3 billion [2].

Core Viewpoint - The article discusses the rise of stablecoins and their significance in the global financial landscape, particularly highlighting Hong Kong's unique advantages in this development [2][28]. Group 1: Definition and Characteristics of Stablecoins - Stablecoins aim to achieve value stability by pegging to low-volatility assets such as the US dollar or gold [5]. - Unlike traditional cryptocurrencies, stablecoins are more suitable for daily payments, savings, and cross-border settlements due to their reduced volatility [6]. - Stablecoins serve as intermediaries that combine the stability of fiat currencies with the efficiency of blockchain technology, making them key elements of future digital financial infrastructure [8][9]. Group 2: Global Context and Strategic Implications - The development of US dollar stablecoins is part of a broader strategy to attract global users into a dollar-based digital asset system, thereby reshaping the global financial order [12][16]. - The US national debt exceeds $35 trillion, and promoting dollar stablecoins allows for the distribution of this debt risk to global users without directly increasing domestic inflation [14][16]. - Stablecoins have become strategic tools in international relations, with the potential to influence global financial dynamics [17]. Group 3: China's Position and Opportunities - As the world's largest goods trading nation, China has a strategic need to optimize cross-border settlement efficiency and costs, which stablecoins can facilitate [19][20]. - Stablecoins can enhance trade settlement flexibility and efficiency without altering national monetary policies, which is crucial for an export-oriented economy like China [23]. Group 4: Hong Kong's Unique Role - Hong Kong is positioned as a key player in the global trend of stablecoin development, benefiting from its status as an international financial center and its existing monetary framework [28][29]. - The issuance of the Hong Kong dollar, which is backed by US dollar reserves, provides a foundational framework akin to a stablecoin, allowing for a seamless transition to digital formats [30][32][33]. - The upcoming enactment of the Stablecoin Regulation in Hong Kong is expected to place it at the forefront of financial regulatory compliance globally, potentially making it a core hub for stablecoin development in Asia [34][35].

Summary of Key Points from the Conference Call on Stablecoins Industry Overview - The discussion revolves around the stablecoin industry and its relationship with fiat currencies, particularly in the context of the International Bank for Settlements (BIS) report [1][2]. Core Insights and Arguments - **Limitations of Stablecoins**: BIS highlights that stablecoins lack uniformity, elasticity, and compliance integrity, making them unable to replace fiat currencies as mainstream options, serving only as a supplement [2][5]. - **Characteristics of Stablecoins**: Stablecoins are characterized by private issuance, full reserves, cryptocurrency attributes, and a shadow currency role. They are dependent on fiat currencies and cannot disrupt them [7][6]. - **Market Impact**: The release of the BIS report significantly affected the stock prices of related companies, such as Circle, indicating high market sensitivity to stablecoin developments [4]. - **Current Applications**: Stablecoins are primarily used in high-frequency trading on cryptocurrency exchanges, with only a small percentage utilized for payment scenarios, yet the volume remains substantial [9]. - **Cross-Border Payment Efficiency**: Stablecoins demonstrate advantages in cross-border payments, offering faster and cheaper transactions compared to traditional methods, which can take days or weeks [11]. Regulatory Developments - **Legislative Actions**: The U.S. and Hong Kong are moving towards regulating stablecoins to manage their connection to fiat currencies and enhance the influence of the U.S. dollar [3][14]. - **Hong Kong's Market Potential**: The Hong Kong market is expected to see the development of a Hong Kong dollar stablecoin aimed at facilitating cross-border trade settlements, with potential for a renminbi stablecoin as well [15][16]. Challenges and Opportunities - **Impact on Traditional Banking**: Stablecoins pose challenges to commercial banks, which may respond by tokenizing deposits to leverage blockchain technology for improved transaction efficiency [12][13]. - **Future of Stablecoins**: The evolving regulatory landscape and market dynamics suggest that stablecoins will continue to gain attention, with traditional financial systems increasingly recognizing their significance [5][14]. Additional Important Points - **Historical Context**: Stablecoins emerged in 2014 to address high costs and delays in transferring funds, particularly for cryptocurrency trading [8]. - **Payment Limitations**: Cryptocurrencies are deemed unsuitable for domestic payment clearing due to their point-to-point nature and slow transaction confirmation times [10]. This summary encapsulates the critical aspects of the conference call regarding stablecoins, their market implications, regulatory responses, and future prospects.

Core Insights - The collaboration between Chinh Chu, former co-head of private equity at Blackstone, and Reeve Collins, co-founder of Tether, represents a significant industry milestone, combining traditional finance expertise with crypto market insights [1] - The launch of a $1 billion crypto fund through CC Capital and the acquisition of M3-Brigade highlights a strategic move to bridge institutional capital into the crypto space [1][2] Fundraising Market Logic - M3-Brigade utilizes the SPAC model to rapidly raise funds for digital assets, despite a recent 12% drop in stock price to $11.04, reflecting mixed market sentiment [2] - The fund aims to create a diversified portfolio including Bitcoin, Ethereum, and Solana, supported by a high-profile management team [2] - The SPAC model allows for dynamic asset allocation but faces challenges from SEC regulations on digital assets [2] Diversification Against Single Asset Dependence - The fund's "multi-token strategy" contrasts with other institutions like MicroStrategy, which focuses solely on Bitcoin [3] - This strategy aims to cover various segments: Bitcoin as a store of value, Ethereum for smart contracts, and Solana for high-performance transactions [3] - The approach aligns with a March 2025 executive order encouraging Bitcoin reserves and multi-token holdings, providing a policy framework for diversification [3] Regulatory Changes and Institutional Capital Influx - Global crypto regulation is shifting from exclusion to inclusion, with U.S. executive orders recognizing Bitcoin's strategic role [4] - Institutional investment in crypto assets is projected to increase by 230% in 2024, with diversified funds making up 32% of the market [4] - The partnership between Blackstone's former executive and Tether's co-founder signifies a deepening integration of traditional finance and crypto [4] Compliance and Market Volatility Challenges - The fund faces challenges from ambiguous SEC regulations regarding the legal status of digital assets, which could raise compliance costs [5] - Managing $1 billion in digital assets requires balancing cold wallet security and compliance audits, especially in light of past hacking incidents [5] - The high volatility of cryptocurrencies, such as Bitcoin's over 40% fluctuation in Q1 2025, poses risks to net asset values [5] - The collaboration represents a critical experiment in mainstreaming digital assets, as traditional finance and crypto expertise converge [5]

Core Viewpoint - The stability of stablecoins is being questioned by major financial institutions, including the Bank for International Settlements (BIS) and the European Central Bank, due to concerns over their ability to serve as a pillar of the monetary system and their potential use in financial crimes [1][3][6]. Regulatory Concerns - BIS highlights that stablecoins have not met the necessary criteria of singularity, elasticity, and integrity to be considered a foundational element of the monetary system [3][4]. - The anonymity of stablecoins raises concerns about their use in money laundering and terrorist financing, as they lack the "Know Your Customer" (KYC) standards present in traditional finance [4][5]. - The Hong Kong Monetary Authority (HKMA) emphasizes the need for cautious regulation and has expressed a desire to temper public enthusiasm for stablecoins [6][8]. Market Reaction - Following regulatory warnings, stablecoin-related stocks have experienced significant declines, with Circle's stock price dropping from a peak of $299 to $199, reflecting a loss of over 10% in a single day [1][10]. - The market has shifted from a state of exuberance to one of caution, with investors becoming anxious and hesitant to engage [10][11]. Future Outlook - The future role of stablecoins remains uncertain, with potential implications for central bank digital currencies (CBDCs) and traditional financial systems [11][12]. - Analysts suggest that the rapid growth of stablecoins may lead to a reconsideration of the necessity for CBDCs in some countries, as stablecoins closely resemble them but are privately issued [11]. - The relationship between stablecoins and traditional financial markets is evolving, with increased risk correlation noted, particularly as traditional financial institutions begin to allocate investments in stablecoins [11][12].

Core Viewpoint - Stablecoins have become a focal point in the global financial sector, especially following regulatory developments in Hong Kong and the U.S. The International Bank for Settlements (BIS) has highlighted that while stablecoins show potential in tokenization, they currently fail to meet the requirements to be a pillar of the monetary system, performing poorly in three key tests: singularity, elasticity, and integrity [1][2][4]. Group 1: Performance in Key Tests - Stablecoins exhibit structural flaws in singularity, elasticity, and integrity, limiting their role to that of an auxiliary rather than a foundational currency [2][4]. - In terms of singularity, asset-backed stablecoins resemble digital promissory notes, lacking the necessary attributes to pass the singularity test, as they are tied to specific issuers and do not guarantee uniform value [2][3]. - The elasticity test reveals that stablecoins cannot flexibly adjust supply based on market demand due to their prepayment mechanism, which restricts their ability to provide liquidity in times of need [4][5]. Group 2: Integrity and Compliance Issues - Stablecoins face significant integrity challenges, particularly in compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations, as they can easily be used for illicit activities due to their anonymous nature [5][6]. - The reliance on decentralized wallets and mixing services complicates the enforcement of KYC regulations, making it difficult to monitor transactions effectively [5][6]. - While some measures exist to freeze accounts and track illicit transactions, these are insufficient for the scale of daily transactions, leaving stablecoins vulnerable to misuse by criminal organizations [6]. Group 3: Future of Tokenization - The report emphasizes that tokenization of central bank reserves, deposits, and government securities could serve as a foundation for the next-generation monetary and financial system, with central banks playing a catalytic role [1][9]. - The "Pine Project" initiated by the New York Federal Reserve and BIS showcases the potential advantages of a fully tokenized financial system, including improved operational efficiency and automated backend processes [9][10]. - However, transitioning to a fully tokenized system presents challenges, particularly in ensuring interoperability between existing account-based systems and new tokenized infrastructures [10].

然而，稳定币的快速扩张是在一个监管相对滞后的环境中发生的。 稳定币的"灰色地带"性质——它既像支付网络，又带有银行存款的某些特征，同时又与证券市场有所关 联。这种模糊性使得现有监管框架难以完全适用。 发行商通过投资储备资产获得巨额利润，这本身并非问题，但储备资产的透明度、质量和流动性，以及 发行商是否真正做到1:1支持，是其稳定性的基石。 Tether过去的争议以及发行商普遍只提供证明而非全面审计的做法，持续引发市场对其储备真实性的担 忧。这与19世纪美国"野猫银行"的历史教训形成了令人不安的回响——当时缺乏统一监管的银行滥发纸 币，最终导致广泛的金融不稳定。 更为严峻的是，稳定币已成为非法活动的主要工具。尽管区块链的公开性理论上提供了可追溯性，但 DeFi领域的匿名性和缺乏中心化审查的特性，为洗钱、毒品贩运等犯罪活动提供了便利。 稳定币，这种旨在锚定法定货币价值的加密资产，正以前所未有的速度从加密货币的边缘地带迈向全球 金融体系的核心。这不仅仅是技术爱好者的实验，而是正在深刻影响跨境支付、资产储备乃至宏观金融 稳定的现实力量。 稳定币的主流化并非偶然，其背后有着强劲的市场需求。 对于身处高通胀、货币贬值或资 ...

将投中网设为"星标⭐"，第一时间收获最新推送 在Circle创立早期，中国风险投资机构也是其重要的支持者。 作者丨杨博宇 来源丨 投中网 这可能是本年度全球资本市场热度最高的IPO——美国加密金融公司Circle于昨晚登陆纽交所。其股价从31美元/股，暴涨 168.48%，达83.23美元/股，市值飙升至183.56亿美元（约合1320亿人民币），盘中更一度涨幅超过200%。这还是在受昨晚马 斯克特朗普"互撕"，美股下跌拖累的前提下，截至发稿，Circle盘后涨幅超过5%。 作为全球第二大稳定币发行商，Circle的股票获得超过25倍的超额认购。在上市前就因为强烈的市场需求，不得不三次提高 IPO发行规模。贝莱德、方舟资本等著名资管公司和投资机构都是其强力的支持者。 伴随美国稳定币法案出台。Circle IPO的意义，已经不仅仅是一家创业公司的里程碑。而变成了稳定币合规化发展的象征，更 代表了传统金融市场对加密货币的接纳与收编。 此外在Circle创立早期，中国风险投资机构也是其重要的支持者。包括IDG资本、光大控股、万向集团、华兴资本等都是其重 要股东。 全球第二大稳定币发行商 当然，如果从生意的角度看，C ...

Core Insights - The discussion at the Token 2049 summit highlighted the convergence of traditional finance and the Web3 ethos, focusing on decentralized finance (DeFi), financial freedom, and the future of the USD1 stablecoin [1][3]. Group 1: TRON and USD1 Stablecoin - Eric Trump acknowledged the technological capabilities and global influence of TRON, stating that its high-performance architecture and extensive user base provide an ideal environment for the issuance and implementation of the USD1 stablecoin [3]. - The mission of TRON, as articulated by its founder, is to enable equal participation in the financial system for the global population of 8 billion [3][4]. Group 2: Financial Freedom and User Experience - The dialogue emphasized the importance of user experience in blockchain projects, with Eric Trump urging for a focus on making blockchain technology "usable, easy to use, and commonly used" to truly transform the global financial landscape [3][4]. - The conversation served as a platform for merging ideas between traditional finance and blockchain, promoting the concept of financial freedom from a consensus to a collaborative effort [3][4]. Group 3: Bridging Traditional and Web3 Finance - Sun Yuchen, as the host, effectively guided the conversation towards multifaceted topics such as financial freedom, DeFi transparency, and the practical implementation of stablecoins, showcasing TRON's role as a connector between different financial paradigms [4]. - The dialogue represented a significant step in building a bridge between Web3 and traditional finance, with TRON gaining increasing global resonance and collaboration opportunities in the pursuit of financial freedom [4].